SBI Hikes Lending Rate: EMIs Increase for Borrowers Across Tenors
The State Bank of India (SBI) has announced a hike in its lending rates across all tenors, leading to an increase in EMIs for borrowers. This change impacts home loans, auto loans, and personal loans, potentially raising monthly payments for many. In this update, we break down how the rate hike will affect your EMI, the reasons behind the decision, and what borrowers can do to manage the increased costs.
TechnicalAman 
New Delhi: State Bank of India, the country's biggest lender, has raised the Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points (0.1 percentage point), across tenors, making most of the consumer loans costlier.
This is the third time in a row that the bank has increased MCLR. The benchmark one-year tenor MCLR, which is used to price most consumer loans such as auto and personal, is now pegged higher at 8.95 per cent against the earlier rate of 8.85 per cen...
The three-year MCLR is 9.10 per cent, while the two-year is now 9.05 per cent, up 10 basis points. Among others, the rates of one-month, three-month and six-month tenors are in the range of 8.45-8.85 per cent. The MCLR on overnight tenor will be 8.2...
Among others, the rates of one-month, three-month and six-month tenors are in the range of 8.45-8.85 per cent. The MCLR on overnight tenor will be 8.20 per cent against 8.10 per cent.
The rate hike has come days after RBI kept its benchmark lending rate unchanged at 6.5 per cent for the ninth consecutive time earlier this month.
